*Loan,banking and credit>>>tax advice

Anyone working for ChaCha.com have any advice on taxes?

I am one of 10,000 independant contractors working for ChaCha.com. I have a full time job and I do this at home. I want to know what would be my best bet for saving the proper amount of money for taxes. Also, how much do I have to be making before I am required to do quarterly payments?

I'd safely say about 20-25%. The amount you can make before having to file those taxes depends on your state.

for the state...check your dept of taxation and revenue. each state varies. 4 federal...cha cha will send u a 1099 by jan 31st, 2007. u will report the earnings on sched. c, which will allow u 2 deduct the expenses u incur while making that income. u should set aside 12.4% for social security and 2.9% for medicare 4 self employment tax. u only need 2 pay these taxes quarterly thru 'estimated tax payments' IF u pay yourself thru your own tax id number or...u think u may underpay taxes by $1000. anything under $1000 is not penalized and therefore not necessary to be paid quarterly.
I am an accountant specializing in business and taxation.